Venture capital firm Tribe Capital has reportedly launched its first flagship $200 million venture capital fund. The trio of partners, Arjun Sethi, Ted Maidenber and Jonathan Hsu, were previously at Palo Alto-based Social Capital.
A Report from The Wall Street Journal confirms that capital raised for the fund is set to be deployed across various industries, including blockchain and cryptocurrency startups based on Tribe Capital’s participation in the recent $22.7 million funding round for cryptocurrency trading platform SFOX.
These developments come at a terrible time for Social Capital. In August, the company, which currently stands as one of the most prominent venture capital firms in Silicon Valley, removed their staff page from its website following the leave of seven partners. Last week, Mike Ghaffary chose to leave the firm in hopes of focusing on an angel investing career.
Social Capital associate Tejinder Gill, who was hired by Collaborative Fund as a principal, and Alex Chee, who headed product development, have left Social Capital for undisclosed reasons. Axios, which initially reported on the departure, believes Chee may be joining Tribe Capital alongside other former partners.
Georgia Kinne, the operations lead at Tribe Capital, was not a partner at Social Capital but stood as one of their previous executive assistants. Other former Social Capital employees who have departed from the company including former vice chairman Marc Mezvinsky, and growth equity chief Tony Bates.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.